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Newcastle post significant and staggering rise to annual profits

Newcastle have announced a rise in profits to £32.4million in their annual accounts, but managing director Lee Charnley accepted results on the field are most important right now.

Rafael Benitez’s men are 19th in the Premier League with only seven matches remaining, having fallen to a 3-2 loss in Saturday’s crunch clash at relegation rivals Norwich.

Off the field things are looking rosier and United have announced a post-tax profit of £32.4m for the financial year ending June 30, 2015 – a significant rise on the £18.7m figure for 2014.

Net cash inflow from operating activities has risen to £39.1m, but managing director Charnley knows the main issues are on the field.

“We appreciate that at the present time, football results and not financial results are what our supporters want to see from us,” he said.

“That said, it would be wrong for the club not to acknowledge the submission of our accounts for the period July 14 to June 15.

“We understand, however, that what you want to see are results on the pitch. There are still 21 points to play for and lots can, and likely will, happen over the next seven games.

“We of course acknowledge the seriousness of our situation. However we must remain positive and retain the belief that we can secure our Premier League status and we are doing everything we can to support Rafa and the team.”

The financial report shows owner Mike Ashley has not used Newcastle’s profit to chip away at the £129m owed in the form of interest free loans from him and companies under his control.

None of the debt has been repaid and the Sports Direct founder has not taken any other money from Newcastle during the year or since the year end.

The results show the club had £48.3m in the bank at the end of the financial year, but the club’s net spend on players during the subsequent transfer windows amounted to just under £80million.